Louisiana Gas Storage Unit Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-1015
• Format: Word; Rich Text

Description

This is an agreement for a gas storage unit. Louisiana Gas Storage Unit Agreement refers to a legally binding contract entered into between a gas storage company and a customer in the state of Louisiana, United States. This agreement outlines the terms and conditions related to the storage of natural gas or other related products in underground storage facilities. One type of Louisiana Gas Storage Unit Agreement is the "Base Firm Storage Agreement." This agreement allows the customer to secure a fixed amount of storage capacity for a specified period. It ensures that the customer has access to a designated storage capacity within the gas storage facility. Another type is the "Interruptible Storage Agreement." This type of agreement provides the customer with storage capacity that can be interrupted or curtailed by the storage company. In exchange, customers generally receive lower rates since their access to storage capacity is not guaranteed. The Louisiana Gas Storage Unit Agreement typically includes various key components and provisions. These may include: 1. Storage Capacity: The agreement specifies the designated storage capacity reserved for the customer. The storage company guarantees that this capacity will be available to the customer during the agreed-upon term. 2. Term: The agreement outlines the duration for which the storage capacity is reserved. It may be a set time period, such as a year or multiple years, or it can be an indefinite term with the ability to terminate the agreement with appropriate notice. 3. Rates and Payments: The agreement details the charges associated with the storage capacity, including any fixed fees or variable charges based on usage or market conditions. It also outlines the payment schedule and any penalties for late payments. 4. Operational Procedures: The agreement provides information on the operational procedures for accessing and utilizing the storage capacity. This includes scheduling, nomination, and withdrawal procedures to ensure the efficient utilization of the storage facility. 5. Force Mature: The agreement includes provisions related to force majeure events, such as natural disasters or unforeseen circumstances that may impact the storage company's ability to provide the reserved capacity. It outlines the rights and responsibilities of both parties in such situations. 6. Indemnification and Liability: This section clarifies the liability and indemnification obligations of both parties in case of damages, losses, or accidents related to the storage facility or operations. 7. Termination: The agreement specifies the conditions under which either party can terminate the agreement. It may include provisions for early termination, termination for cause, or termination upon the expiration of the agreed term. In conclusion, the Louisiana Gas Storage Unit Agreement is a contract governing the storage of natural gas or related products in underground facilities within the state. It ensures the allocation of storage capacity, outlines the payment terms, operational procedures, and covers various aspects related to the rights, obligations, and liabilities of both the storage company and the customer.

Louisiana Gas Storage Unit Agreement refers to a legally binding contract entered into between a gas storage company and a customer in the state of Louisiana, United States. This agreement outlines the terms and conditions related to the storage of natural gas or other related products in underground storage facilities. One type of Louisiana Gas Storage Unit Agreement is the "Base Firm Storage Agreement." This agreement allows the customer to secure a fixed amount of storage capacity for a specified period. It ensures that the customer has access to a designated storage capacity within the gas storage facility. Another type is the "Interruptible Storage Agreement." This type of agreement provides the customer with storage capacity that can be interrupted or curtailed by the storage company. In exchange, customers generally receive lower rates since their access to storage capacity is not guaranteed. The Louisiana Gas Storage Unit Agreement typically includes various key components and provisions. These may include: 1. Storage Capacity: The agreement specifies the designated storage capacity reserved for the customer. The storage company guarantees that this capacity will be available to the customer during the agreed-upon term. 2. Term: The agreement outlines the duration for which the storage capacity is reserved. It may be a set time period, such as a year or multiple years, or it can be an indefinite term with the ability to terminate the agreement with appropriate notice. 3. Rates and Payments: The agreement details the charges associated with the storage capacity, including any fixed fees or variable charges based on usage or market conditions. It also outlines the payment schedule and any penalties for late payments. 4. Operational Procedures: The agreement provides information on the operational procedures for accessing and utilizing the storage capacity. This includes scheduling, nomination, and withdrawal procedures to ensure the efficient utilization of the storage facility. 5. Force Mature: The agreement includes provisions related to force majeure events, such as natural disasters or unforeseen circumstances that may impact the storage company's ability to provide the reserved capacity. It outlines the rights and responsibilities of both parties in such situations. 6. Indemnification and Liability: This section clarifies the liability and indemnification obligations of both parties in case of damages, losses, or accidents related to the storage facility or operations. 7. Termination: The agreement specifies the conditions under which either party can terminate the agreement. It may include provisions for early termination, termination for cause, or termination upon the expiration of the agreed term. In conclusion, the Louisiana Gas Storage Unit Agreement is a contract governing the storage of natural gas or related products in underground facilities within the state. It ensures the allocation of storage capacity, outlines the payment terms, operational procedures, and covers various aspects related to the rights, obligations, and liabilities of both the storage company and the customer.